GoKawiilElon Musk speaks at Starbase before SpaceX's IPO in in Starbase, Texas, U.S., June 12, 2026.
Shares of Elon Musk's SpaceX gained 4% on Monday, closing above its $135 IPO price for the first time since July 15.
The shares briefly hit the benchmark in early trading on Monday, marking a rebound from rocky post-IPO trading that has seen the stock swing up and down and close as low as $108.27 just days ago.
Last week, the rocket maker reported better-than-expected revenue in its first earnings report since the company made its historic debut on the Nasdaq in June. SpaceX said it generated $7.81 billion in revenue during its second quarter, up from the $6.93 billion expected by analysts.
SpaceX CFO Bret Johnsen also said on the earnings call that the company is on pace to reach $100 billion in annualized recurring revenue by the end of the year, which analysts at Deutsche Bank said Monday is "likely very achievable."
The analysts said that although SpaceX's second-quarter run-rate was just $31 billion, they expect the $100 billion target will be driven mainly by contributions from the company's neocloud business and its acquisition of the artificial intelligence coding company Cursor.